Education
About Us
Working with TipRanks
Follow Us
DKSH Holding AG (CH:DKSH)
:DKSH
Top Page
DKSH Holding AG
(DKSH)
Select Model
Select Model
Rating:70Outperform
Price Target:
CHF61.00
▼(-3.63% Downside)
DKSH Holding AG's overall stock score is driven primarily by its strong financial performance, characterized by stable revenue growth and improved profit margins. The technical analysis suggests short-term bullish momentum, although longer-term resistance is present. The valuation is moderate, with an attractive dividend yield enhancing the stock's appeal.
Positive Factors
Revenue Growth
Consistent revenue growth indicates DKSH's ability to expand its market presence and adapt to changing market demands, supporting long-term business sustainability.
Margin Improvement
Improved gross profit margins suggest effective cost management and pricing strategies, enhancing profitability and competitive positioning over time.
Financial Stability
Reduced leverage and increased equity base strengthen DKSH's financial stability, providing a solid foundation for future growth and investment.
Negative Factors
Free Cash Flow Decline
A decline in free cash flow growth can limit DKSH's ability to reinvest in business expansion and innovation, potentially impacting long-term growth prospects.
Operational Challenges
Fluctuations in free cash flow may indicate operational inefficiencies or challenges in cash management, which could affect DKSH's ability to sustain growth.
Stock Performance
Trading below long-term moving averages suggests potential resistance and could indicate market concerns about DKSH's future performance, affecting investor confidence.
DKSH Holding AG (DKSH) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF4.17B
Dividend Yield4.14%
Average Volume (3M)92.63K
Price to Earnings (P/E)20.6
Beta (1Y)0.92
Revenue Growth2.66%
EPS Growth2.91%
CountryCH
Employees26,167
SectorIndustrials
Sector Strength72
IndustryConsulting Services
Share Statistics
EPS (TTM)1.71
Shares Outstanding65,042,960
10 Day Avg. Volume85,614
30 Day Avg. Volume92,626
Financial Highlights & Ratios
PEG Ratio1.14
Price to Book (P/B)2.40
Price to Sales (P/S)0.39
P/FCF Ratio13.61
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF72.00Price Target Upside13.74% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
DKSH Holding AG Business Overview & Revenue Model
Company DescriptionDKSH Holding AG provides various market expansion services in Thailand, Greater China, Malaysia, Singapore, rest of the Asia Pacific, and internationally. The company offers sourcing, marketing, sales, distribution, and after-sales services. It operates through four segments: Healthcare, Consumer Goods, Performance Materials, and Technology. The Healthcare segment provides various services, such as registration, regulatory, market entry studies, importation, customs clearance, marketing and sales, physical distribution, invoicing, and cash collection services for ethical pharmaceuticals, consumer health, and over-the-counter health products, as well as medical devices. The Consumer Goods segment offers a range of services, including product feasibility studies, registration, importation, customs clearance, marketing and merchandising, sales, warehousing, physical distribution, invoicing, cash collection, and after-sales services for fast moving consumer goods, food services, luxury goods, and fashion and lifestyle products, as well as hair and skin cosmetics. The Performance Materials segment sources, markets, and distributes a range of specialty chemicals and ingredients for the pharmaceutical, personal care, food and beverage, and industrial applications, as well as provides market expansion services for performance materials. The Technology segment offers market expansion services comprising a range of capital investment goods and analytical instruments in the areas of infrastructure, industrial materials and supplies, precision and textile machinery, semiconductors, photovoltaic and electronics, agriculture, and hospitality, as well as specialized industrial applications. The company was founded in 1865 and is based in Zurich, Switzerland.
How the Company Makes MoneyDKSH generates revenue through a diversified model primarily based on providing market expansion services to its clients. Key revenue streams include service fees for marketing and sales support, logistics and distribution services, and commissions from product sales. The company partners with a wide range of suppliers and brands, which allows it to leverage existing product lines and introduce new products to the market. Significant partnerships with major global brands in the consumer goods and healthcare sectors contribute to its earnings, as these collaborations enhance DKSH's portfolio and market presence. Additionally, the company benefits from economies of scale and operational efficiencies, which help improve profit margins across its various services.
DKSH Holding AG Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 21, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive picture: DKSH delivered modest revenue growth, stronger core EBIT expansion (+6.7%), high free cash flow and exceptional cash conversion (95.2%), sustained margin progress and accelerated M&A activity while maintaining a progressive dividend policy. Operational improvements (notably CHF 35m logistics savings and AI pilots) and strong performance in Healthcare and Asia‑focused Performance Materials were notable strengths. Headwinds include Swiss franc translation effects (−3.1% sales, −5% EBIT), macro uncertainty and H1 softness, volatility in Performance Materials and near‑term delays in Technology investment. On balance the highlights and financial improvements significantly outweigh the lowlights.Q4-2025 Updates
Positive Updates
Revenue Growth and Acceleration
Net sales increased 2.9% at constant exchange rates to CHF 11.1 billion in 2025, with stronger acceleration in H2 (3.6% growth) and organic net sales growth of 2.5% (H1 2.1% → H2 3.6%).
Core EBIT Expansion
Core EBIT rose to CHF 349 million, up 6.7% year-on-year, with core EBIT margin improving from 3.1% to 3.2% (+0.1 percentage points). Organic core EBIT growth was 5%, twice the rate of organic net sales.
Very Strong Cash Generation
Free cash flow of CHF 215.5 million with cash conversion of 95.2% — the sixth consecutive year above the 90% target — supported a positive net cash position and disciplined capital allocation.
Accelerated M&A Activity and Capital Return
Announced 9 accretive M&A transactions in 2025 (part of a total of 35 acquisitions between 2019–2025 vs 16 between 2012–2019). Board proposed ordinary dividend increased to CHF 2.50 per share (+6.4%), marking the 13th consecutive annual increase; 5‑year average dividend growth ~5.1%.
Healthcare Business Outperformance
Healthcare (largest BU) grew net sales 4.6% to CHF 5.8 billion. Core EBIT reached CHF 174.2 million with a core EBIT margin of 3%, marking the fourth consecutive year of margin improvement and a growing share of higher‑value commercial outsourcing (55%).
Consumer Goods Recovery in H2
Consumer Goods net sales +1.2% for the year and accelerated +2.8% in H2. Core EBIT increased to CHF 89.7 million (+5.4%), with a ~10 basis point margin expansion and very strong H2 momentum (core EBIT growth ~14% in past 6 months; H2 core EBIT margin ~3%).
Performance Materials Resilience in Asia
Performance Materials net sales +1.4% to CHF 1.4 billion; Asia Pacific (≈60% of BU sales) grew 5.5%. Core EBIT up 1.9%, core EBIT margin improved to 8.2%, and core EBITA reached CHF 120.4 million (core EBITA margin 8.9%), supported by pricing discipline and 3 acquisitions.
Technology BU Strategic Moves and Digital Growth
Technology delivered results around 2024 levels amid macro uncertainty while completing 5 strategic Scientific Solutions acquisitions, divesting non‑core cable businesses, and achieving strong digital sales growth.
Operational Efficiency and Cost Savings
Logistics & distribution costs reduced by ~CHF 35 million over five years, contributing ~30 basis points to core EBIT margin improvement. Low capex (0.3%–0.5% of net sales) and optimized working capital (matching 8.6% of sales two years ago) reinforced asset‑light model.
Multi‑year Financial Improvements
5‑year CAGR: net sales +4.2% and core EBIT +11.6%. Core conversion (core EBIT as % of gross profit) rose to 21.4% (+70 bps over prior year), and core EBIT margin up 60 bps over five years to 3.2%. Core ROE 12.4% (+30 bps) and improved equity ratio to 33.1%.
Negative Updates
Currency Headwinds
Appreciation of the Swiss franc had a meaningful negative translational effect: net sales negatively impacted by −3.1% and core EBIT by −5% compared with constant‑currency results.
Macroeconomic Uncertainty and H1 Weakness
Global economic uncertainty — particularly in H1 2025 — created a muted market environment and delayed investment decisions across customers, weighing on topline momentum early in the year.
Technology BU Investment Delays
Technology experienced short‑term uncertainty and delayed capex/investment decisions in 2025; results were only resilient around 2024 levels rather than showing growth, with recovery expected in 2026.
Performance Materials Volatility and Tariff Concerns
Performance Materials had a rocky 2025: sharp swings across quarters (strong Q3 rebound after weak Q2), tariff‑related disruptions contributed to uncertainty, and industrial segments remain exposed to cyclical weakness and competitive pressures.
Modest Full‑Year Consumer Goods Growth and Market Exit
Consumer Goods full‑year net sales grew only 1.2% despite H2 recovery; exit from Indonesia reduced footprint in that market (though acquisitions offset performance).
Selective Own‑Brands Headwinds
Some own‑brands in Healthcare underperformed due to localized market weakness (notably Myanmar), which limited stronger EBIT gains from the own‑brands portfolio despite overall Healthcare growth.
One‑off and Non‑core Costs
Reported non‑core items include restructuring costs of USD 7 million, a one‑time project cost of CHF 3.9 million and disposal of trademark licenses of CHF 1.8 million, which temper underlying results.
Volatile M&A Market — Some Deals Not Materialized
Management noted exploration of major transactions that did not materialize in 2025, highlighting a volatile M&A market even as 9 deals were closed; future deal flow remains uncertain though pipeline is active.
Company Guidance
DKSH’s guidance for 2026 is conservative but constructive: management expects core EBIT to be higher than the CHF 349 million reported in 2025 and reaffirms its midterm roadmap to expand core EBIT margins by at least 10 basis points p.a.; closed acquisitions are estimated to add ~0.8% to net sales in 2026 (with additional M&A upside expected from a strengthened pipeline after 9 deals announced in 2025), supported by leverage headroom of roughly 2x net debt/EBITDA and strong cash generation (2025 free cash flow CHF 215.5m; 95.2% cash conversion). Financial guidance ranges: tax rate 27–29% (2025: 28.7%), capital expenditure 0.3–0.4% of net sales, and a slight negative FX translation impact if December rates persist; the Board proposes an ordinary dividend of CHF 2.50/share (+6.4%), reflecting continued progressive capital allocation as the group leverages expected Asia Pacific GDP momentum (c.4.6% in 2026) and its resilient, asset-light model.DKSH Holding AG Financial Statement Overview
Summary
DKSH Holding AG demonstrates a strong financial position with stable revenue growth, improved profit margins, and efficient cash flow management. The company has managed to enhance equity and reduce leverage, contributing to financial stability. Despite minor fluctuations in free cash flow, the company maintains a healthy cash generation capability, indicating robust operational performance.Income Statement
DKSH Holding AG shows a stable revenue base with a slight revenue growth from 2023 to 2024. The gross profit margin improved significantly due to higher gross profit, indicating better cost management or pricing strategy. Despite consistent revenue, net profit margin has increased, indicating improved operational efficiency. EBIT and EBITDA margins are stable, reflecting consistent operational performance.78
Positive
Balance Sheet
The company's debt-to-equity ratio has decreased, signifying reduced leverage, which enhances financial stability. Stockholders' equity has increased, indicating a stronger equity base. Return on Equity (ROE) is improving, showing better profitability on equity. The equity ratio remains solid, further supporting the company's stable financial position.70
Positive
Cash Flow
DKSH's operating cash flow remains strong, highlighting robust cash generation from operations. The free cash flow growth rate is slightly negative, indicating a minor decline in free cash flow. However, the operating cash flow to net income ratio is healthy, demonstrating efficient cash conversion from earnings. Overall, cash flow management appears strong.75
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.18B | 11.09B | 11.07B | 11.32B | 11.11B | 10.74B |
| Gross Profit | 837.70M | 1.64B | 759.70M | 792.80M | 770.50M | 716.30M |
| EBITDA | 440.10M | 472.00M | 434.90M | 437.30M | 460.60M | 371.00M |
| Net Income | 195.40M | 214.80M | 182.00M | 201.10M | 223.90M | 157.10M |
Balance Sheet | ||||||
| Total Assets | 5.39B | 5.85B | 5.47B | 5.88B | 5.35B | 5.12B |
| Cash, Cash Equivalents and Short-Term Investments | 482.10M | 609.10M | 687.20M | 636.40M | 673.70M | 680.80M |
| Total Debt | 736.50M | 839.80M | 958.20M | 1.01B | 587.10M | 565.60M |
| Total Liabilities | 3.68B | 3.97B | 3.73B | 4.05B | 3.46B | 3.32B |
| Stockholders Equity | 1.65B | 1.82B | 1.69B | 1.76B | 1.81B | 1.74B |
Cash Flow | ||||||
| Free Cash Flow | 287.50M | 321.30M | 340.80M | 237.00M | 338.20M | 289.60M |
| Operating Cash Flow | 322.50M | 362.90M | 393.10M | 321.90M | 393.20M | 325.30M |
| Investing Cash Flow | -65.40M | -75.60M | -116.50M | -511.80M | -147.90M | -103.20M |
| Financing Cash Flow | -252.50M | -364.20M | -185.20M | 180.70M | -239.50M | -113.40M |
DKSH Holding AG Technical Analysis
Positive
63.30
Price Trends
58.38
Positive
56.90
Positive
58.51
Positive
Market Momentum
1.56
Negative
66.57
Neutral
74.96
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:DKSH, the sentiment is Positive. The current price of 63.3 is above the 20-day moving average (MA) of 59.87, above the 50-day MA of 58.38, and above the 200-day MA of 58.51, indicating a bullish trend. The MACD of 1.56 indicates Negative momentum. The RSI at 66.57 is Neutral, neither overbought nor oversold. The STOCH value of 74.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:DKSH.
DKSH Holding AG Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | CHF4.78B | 20.26 | ― | 1.85% | -0.71% | -6.12% | |
70 Outperform | CHF4.17B | 20.56 | ― | 4.14% | 2.66% | 2.91% | |
67 Neutral | CHF18.25B | 27.01 | ― | 3.53% | 3.12% | 11.70% | |
65 Neutral | CHF3.63B | 13.92 | ― | 4.46% | -4.68% | -5.79% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | CHF20.80B | 20.21 | ― | 4.81% | 6.54% | -10.57% | |
63 Neutral | CHF5.77B | 25.44 | 22.69% | 1.82% | 8.15% | 12.24% |
* Industrials Sector Average
CH:DKSH
DKSH Holding AG
63.30
-5.96
-8.61%
CH:KNIN
Kuehne + Nagel International AG
178.70
-28.85
-13.90%
CH:SFSN
SFS Group AG
123.60
9.21
8.05%
CH:ADEN
Adecco Group AG
21.54
-0.72
-3.23%
CH:SGSN
SGS SA
93.84
1.39
1.50%
CH:VZN
VZ Holding AG
147.00
-4.68
-3.08%
DKSH Holding AG Corporate Events
DKSH Expands in Vietnam with Biomedic Acquisition
Dec 17, 2025
DKSH has announced the acquisition of Biomedic Science Material Joint Stock Company, a prominent distributor in Vietnam’s biotechnology and diagnostic market. This strategic move aims to enhance DKSH Technology’s presence in the life science and healthcare sectors across Vietnam, leveraging Biomedic’s established customer base and expertise. The acquisition is expected to provide growth opportunities for DKSH and deliver benefits to business partners and employees.
The most recent analyst rating on (CH:DKSH) stock is a Buy with a CHF75.00 price target. To see the full list of analyst forecasts on DKSH Holding AG stock, see the CH:DKSH Stock Forecast page.
DKSH Expands in New Zealand and Australia with Invita Acquisition
Dec 11, 2025
DKSH has announced the acquisition of Invita (NZ) Limited and Invita Australia Pty Limited, enhancing its food and beverage business in New Zealand and Australia. This strategic move strengthens DKSH’s position in the Asia Pacific region’s life science and industrial specialties market, particularly in the dairy and nutritional segments. Invita, with over 35 years of experience, is known for its high-quality specialty ingredients and strong market presence. The acquisition is expected to provide a robust platform for future growth, leveraging both companies’ portfolios and customer relationships, and is anticipated to close by early 2026.
The most recent analyst rating on (CH:DKSH) stock is a Buy with a CHF75.00 price target. To see the full list of analyst forecasts on DKSH Holding AG stock, see the CH:DKSH Stock Forecast page.
DKSH to Fully Acquire and Delist Malaysian Subsidiary
Dec 9, 2025
DKSH Holding Ltd., a prominent Market Expansion Services provider, has announced its intention to take full control of its Malaysian subsidiary, DKSH Holdings (Malaysia) Berhad, by acquiring the remaining 25.7% of shares from minority shareholders. This move is part of DKSH’s strategy to simplify its company structure and includes plans to delist the subsidiary from the Malaysian stock exchange. The proposed acquisition involves a Selective Capital Reduction mechanism, offering a 16.7% premium on the shares, and is expected to be finalized by the second or third quarter of 2026, pending necessary approvals.
The most recent analyst rating on (CH:DKSH) stock is a Buy with a CHF75.00 price target. To see the full list of analyst forecasts on DKSH Holding AG stock, see the CH:DKSH Stock Forecast page.
DKSH Appoints Patrik Grande as New Head of Healthcare Unit
Nov 21, 2025
DKSH has appointed Patrik Grande as the new Head of Business Unit Healthcare, succeeding Bijay Singh who will retire in March 2026. Grande, who has over 20 years of experience in the pharmaceutical industry, is expected to leverage his expertise to drive growth and strategic progress in DKSH’s Healthcare division, enhancing the company’s market position and operational capabilities.
The most recent analyst rating on (CH:DKSH) stock is a Buy with a CHF75.00 price target. To see the full list of analyst forecasts on DKSH Holding AG stock, see the CH:DKSH Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.